Coinbase Re-Introduces XRP Trading for New York Customers
The crypto exchange Coinbase reintroduced support for XRP in New York on May 23, allowing residents to buy and sell the cryptocurrency on its platform once again. New York-based users of Coinbase can now trade or store Ripple (XRP) on Coinbase.com or the crypto exchange’s iOS and Android mobile apps.
Coinbase Chief Legal Officer Paul Grewal announced the news on X, emphasizing the collaborative effort with the state to facilitate the token’s return.
“We heard you and put in the work in strong partnership with the State [to bring back XRP support for NY-based clients],” Grewal stated. “We are back up.”
Coinbase initially introduced XRP support in the U.S. in 2019. In January 2021, the exchange suspended trading of XRP due to a lawsuit from regulators against its issuer, Ripple Labs, regarding the token’s status as a security.
Although Coinbase reinstated XRP trading later in 2021 after a court ruling clarified that secondary sales of XRP did not constitute securities transactions, despite this, trading for New York customers was unavailable until the recent announcement. New York’s regulatory framework is known for its rigorous standards, making it challenging for cryptocurrency companies to operate within the state.
XRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up.
— paulgrewal.eth (@iampaulgrewal) May 23, 2024
In 2015, it introduced its BitLicense program, which prohibits digital currency companies from conducting activities in the state without obtaining a much-coveted license. Very few companies have actually managed to obtain BitLicenses.
In September 2023, the New York Department of Financial
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